• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
binance, binance coin, bnbusd, bnbusdt, bnbbtc
Nexo Logo

Binance Fractal That Last Sent BNB Up By 290% Flashes Again

Yashu Gola by Yashu Gola
1 year ago
in Binance Coin
Reading Time: 2 mins read
Advertisement

Binance’s native token BNB was among the few gainers on Tuesday as the rest of the high-cap cryptocurrency assets corrected lower.

binance coin, binance, bnb, cryptocurrency
Binance Coin trades inside a medium-term ascending parallel channel. Source: BNBUSD on TradingView.com
Binance Coin trades inside a medium-term ascending parallel channel. Source: BNBUSD on TradingView.com

The BNB/USD exchange rate climbed up to 13.47 percent to $40.69, a level only a few basis points below the pair’s all-time high of $43.15 from June 2019. So it seems, traders flocked into the Binance market to seek safety from XRP, a Ripple-backed token that lost more than 32 percent of its value in the last 24 hours.

It is not clear why traders opted for BNB even when other bullish tokens like Bitcoin and Ethereum were available as hedging alternatives. But from the look of it, the capital inflow into the Binance market picked momentum after the exchange’s CEO Changpeng Zhao announced that they would launch new projects in 2021.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

So excited about 2021. A few big products launching next year. Projects kicked off internally already. 😎😉

— CZ Binance (@cz_binance) December 28, 2020

Bottoming Out

The probability of BNB hitting an all-time high in the dollar-pegged market increased as the token hinted that it is bottoming out against Bitcoin.

binance coin, binance, bnb, cryptocurrency
Binance Coin tests a classic support area for a potential long-term rebound. Source: BNBBTC on TradingView.com
Binance Coin tests a classic support area for a potential long-term rebound. Source: BNBBTC on TradingView.com

The BNB/BTC exchange rate reached a classic support area, as shown in the chart above. The pair this week rebounded off the rectangular price floor, repeating the beginning of a fractal that last sent its prices soaring by almost 290 percent.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

That is partially due to Bitcoin’s overbought status. The flagship cryptocurrency’s latest rally pushed its prices up from late $10,000 to as high as $24,300 this month. Meanwhile, it also raised the possibility of massive sell-offs at the hands of whales. Such a scenario often leads traders to look for hedging assets inside the crypto space, benefiting coins like BNB.

BNB/BTC weekly RSI is at 32, which places the pair in an ideal accumulation zone. Therefore, traders could increase long exposure on BNB against BTC, with Fibonacci levels in the chart above serving as potential upside targets.

BNB/USD

Meanwhile, Mr. Zhao noted that BNB could achieve similar results in the dollar-pegged markets.

“BNB’s ATH in the Dec 2017/Jan 2018 run was $24 (when BTC made $19700),” he said. “BNB had since broken that ATH in July 2019 ($39), before BTC made a comeback. It now looks like it’s going for it again.”

The weekly RSI on BNB/USD charts was above 70, reflecting its overbought status in the medium-term. That amounted to a downside correction.

Tags: BinanceBinance CoinbnbbtcBNBUSDbnbusdt
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Binance, CZ in El Salvador

Binance ‘s CEO Visits El Salvador. What Will He Meet President Bukele About?

2 months ago
Binance Coin, a child with a winning pose.

Binance Coin Dubbed “Winner Of 2021” By Crypto Research Firm

5 months ago
CZ, a jar of coins

Binance’s CZ Wants Entrepreneurs To Create Coins. Does His Argument Make Sense?

5 months ago
Picture of coins on fire

Binance 17th Burn Sees ~$640 Million Worth Of Crypto Taken Out Of Circulation

7 months ago
Crypto Industry, dollars burning

Are These The 6 Richest People In The Crypto Industry ?

11 months ago
Binance Smart Chain BNB BNBUSDT

Binance Smart Chain Partner Receives Funds From 16 Institutions

1 year ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

A guide to Capricorn, the first DEX on Cube Chain with hundreds million USD Liquidity Investment

May 27, 2022

Brawltales’ First Batch of NFT is Launching Soon

May 27, 2022

Interest-free Loan, New way of Assets Increase

May 26, 2022

Hoskinsea Partners with Pavia land to Setup A Virtual Headquater On The Metaverse

May 26, 2022

The first free and equal digital country – HyperNation global theme conference was held

May 26, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.